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Zain sees revenue hit $7.2bn

Nairobi, August 2, 2008

Telecom giant Zain expects revenue of $7.2 billion and earnings before interest, taxes, depreciation and amortisation (Ebitda) of $3 billion this year, its chief executive said.

’We have targeted revenues of $7.2 billion this year and for the first time, we will hit our target,’ chief executive Saad Al Barrak said. ’We hope to hit Ebitda of $3 billion.’

Revenue in the first half of this year rose 26 per cent to $5.49 and core Ebitda grew 11pc to 350.2 million dinar ($1.3 billon).

Zain operates in 22 countries in the Middle East and Africa and has been spending billions of dollars to expand abroad.

Al Barrak said the group was considering listing on the London Stock Exchange in the first quarter of next year, but was still consulting.

Kuwait’s government is the biggest shareholder in the company, which spent $3.4 billion to buy African-operator Celtel in 2005 and enter sub-Saharan Africa.

’From May 2005 to today, Zain has invested $12 billion in the continent,’ Al Barrak said.

Zain, which has 35 million customers in Africa, is rebranding all its Celtel operations on the continent. It also plans to begin offering services later this year in Ghana.

Zain, the third-largest Arab telecoms company by market value, wants to be among the top 10 global players by 2011.




Tags: Zain | Revenue | target | soar |

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